Samsung cuts 10% of senior management jobs at lcd division
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Samsung Electronics has cut nearly 10% of senior management jobs at its flat panel division, in a bid to overhaul its loss making business.
The world's largest lcd tv manufacturer said the move would help it to strengthen competitiveness in the lcd business amid increasing uncertainties in the sector.
Flat panel manufacturers have been hit by a severe downturn that started toward the second half of last year as the global economic slowdown took a toll on demand for televisions and personal computers.
Samsung said the executives affected by the decision will be on a sabbatical until the end of the year, when they could be absorbed into other roles at a company wide reshuffle. In a statement, the electronics giant noted, "This is to strengthen competitiveness of the lcd business and stabilise the organisation amid the industry's increasing uncertainties."Samsung said around 10 jobs have been completely removed.
The management level restructuring follows the integration of its flat panel business with its chip division and the move of its former lcd business chief, Chang Won-kie, to another post at the company. In July, the company's Q2 net profit fell 18% from a year earlier.
